Tadawul Review:

Tadawul All Share Index (TASI) sustained its upward momentum, rising for the fourth consecutive session to increase by 58 points (+0.4%) ending the session at a new multi-year high of 13,314 levels. The Materials sector drove the index upwards gaining +1.1%. with MAADEN and NAJRAN CEMENT rising by +2.8% and +2.1%, respectively. All the firms in the Consumer Durables & Apparel sector closed in the green, causing the whole sector to jump by +1.7%, and making it the top gainer for the session. On the other hand, the Utilities sector decreased by -3.8%, mainly due to ACWA POWER which closed at its lower limit of -10%. Trading volumes and values decreased by a whopping -35.6% and -43.8%, respectively. After increasing by a total of 232 points for the last four sessions, it is likely that TASI might take a breather in the upcoming sessions. 

Market Wrap International:

The S&P 500 Index ended its worst week in a month as investors reassessed their bets following selloffs on Tuesday and Wednesday over concerns about the Federal Reserve's rate-hike policies and the global economic impact of the Ukraine crisis. Despite seven of the 11 major sector groupings increasing, the benchmark index fell -0.3% on Friday. The Nasdaq 100 Index, which is heavily weighted in technology, fell -1.3%, while the Dow Jones Industrial Average rose +0.4%. For the week, the S&P 500 fell -1.3%, ending a three-week winning streak. While some dip buyers stepped in to save the market on Thursday and Friday, many investors appear to be waiting to see how first-quarter earnings play out. Companies in the United States will begin reporting results next week.

In Europe, all major indices managed to close the last week session in the green zone despite the ongoing geopolitical conflicts. The European Stoxx 600 rose on Friday by +1.3% after losing nearly -1.7% in the last two sessions. DAX added +1.5% after the government announced a huge aid package for firms affected by the Russian war. In the UK, FTSE 100 ended the session +1.6% higher backed by rising wages. CAC 40 increased by +1.3% to end the negative streak of three session.

Similarly, in Asia, all stock markets closed in the positive zone on Friday. In China, despite the continued rise of Covid-19 cases and the lockdown in major cities, SHCOMP inched higher by +0.5% in the week’s closing session. Hang Seng recovered early losses and gained +0.3%. In Japan, after losing more than -3% in the last two sessions, NIKKEI 225 closed positive and rose by +0.4%. KOSPI and SENSEX advanced on Friday by +0.2% and +0.7%